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Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenues and Expenses by Reportable Segment

 Schedule of Revenues and Expenses by Reportable Segment

		Insurance				Mortuary				Mortgage				Total
		Year Ended December 31, 2024
		Life				Cemetery/
		Insurance				Mortuary				Mortgage				Total
Revenues:
From external sources:
Revenue from external customers		$	119,655,745			$	29,037,173			$	107,558,640			$	256,251,558
Net investment income			68,254,989				2,568,511				901,749				71,725,249
Gains (losses) on investments and other assets			2,054,994				873,166				(986,262	)			1,941,898
Other revenues			1,563,812				543,354				2,496,797				4,603,963
Intersegment revenues			7,272,110				340,933				573,449				8,186,492
Total segment revenues			198,801,650				33,363,137				110,544,373				342,709,160
Elimination of intersegment revenues															(8,186,492	)
Total consolidated revenues															334,522,668
Less:
Death benefits			58,116,837				-				-
Surrenders and other policy benefits			4,584,763				-				-
Increase in future policy benefits			36,253,859				-				-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired			15,162,995				777,376				-
Selling, general and administrative expenses:
Commissions			3,809,118				1,564,426				41,599,365
Personnel			30,396,560				10,215,565				44,472,677
Advertising			466,821				568,597				2,079,702
Rent and rent related			434,604				158,950				4,553,515
Depreciation on property and equipment			923,365				830,855				629,401
Cost related to funding mortgage loans			-				-				6,134,709
Data processing and IT related (1)			847,845				240,946				3,453,741
Premium taxes on insurance premiums and other considerations (1)			3,067,467				-				-
Other segment items (1)(2)			8,640,857				4,975,269				6,401,085
Intersegment expenses (3)			913,279				365,635				6,907,578
Interest expense			3,727,514				827				525,759
Costs of goods and services sold-mortuaries and cemeteries			-				4,803,528				-
Income tax expense (benefit)			6,604,520				2,227,353				(1,263,871	)
Segment net earnings (loss)			24,851,246				6,633,810				(4,949,288	)			26,535,768
Net earnings														$	26,535,768
Segment assets		$	1,396,093,195			$	101,524,343			$	85,174,812			$	1,582,792,350
Elimination of intersegment assets															(92,985,136	)
Total consolidated assets														$	1,489,807,214
Expenditures for long-lived assets		$	52,414,507			$	2,185,269			$	219,054			$	54,818,830

(1)		Included in other expenses on the consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)		For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

Mortgage - bad debt, insurance expenses, professional service expenses, business license and registration fees, dues and subscriptions, amortization expense of mortgage servicing rights, and certain overhead expenses.

(3) For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2024 and 2023

15) Business Segment Information (Continued)

		Insurance				Mortuary				Mortgage				Total
		Year Ended December 31, 2023
		Life				Cemetery/
		Insurance				Mortuary				Mortgage				Total
Revenues:
From external sources:
Revenue from external customers		$	114,735,304			$	27,864,811			$	98,071,104			$	240,671,219
Net investment income			67,811,926				2,951,577				1,579,544				72,343,047
Gains (losses) on investments and other assets			962,824				717,312				157,206				1,837,342
Other revenues			1,666,020				404,256				1,575,606				3,645,882
Intersegment revenues			8,203,306				340,001				531,406				9,074,713
Total segment revenues			193,379,380				32,277,957				101,914,866				327,572,203
Elimination of intersegment revenues															(9,074,713	)
Total consolidated revenues															318,497,490
Less:
Death benefits			61,390,517				-				-
Surrenders and other policy benefits			4,612,346				-				-
Increase in future policy benefits			34,008,997				-				-
Amortization of deferred policy and pre-need acquisition costs and value of business acquired			17,485,699				538,639				-
Selling, general and administrative expenses:
Commissions			3,963,185				1,777,071				34,189,300
Personnel			26,769,211				9,722,659				46,649,889
Advertising			638,071				663,113				2,409,261
Rent and rent related			414,564				159,877				6,282,696
Depreciation on property and equipment			880,116				812,641				658,904
Cost related to funding mortgage loans			-				-				6,440,439
Data processing and IT related (1)			1,007,023				227,599				4,107,542
Premium taxes on insurance premiums and other considerations (1)			2,939,828				-				-
Other segment items (1)(2)			9,045,037				4,733,721				9,998,106
Intersegment expenses (3)			871,407				391,316				7,811,990
Interest expense			4,081,348				955				783,024
Costs of goods and services sold-mortuaries and cemeteries			-				4,805,700				-
Income tax expense (benefit)			3,655,148				2,131,289				(3,981,083	)
Segment net earnings (loss)			21,616,883				6,313,377				(13,435,202	)			14,495,058
Net earnings														$	14,495,058
Segment assets		$	1,329,049,024			$	97,547,937			$	97,018,754			$	1,523,615,715
Elimination of intersegment assets															(93,063,440	)
Total consolidated assets														$	1,430,552,275
Expenditures for long-lived assets		$	23,010,579			$	856,716			$	137,246			$	24,004,541

(1)		Included in other expenses on the consolidated statements of earnings. Data processing and IT related expenses includes various software subscriptions, maintenance, consulting, support and storage fees.
(2)		For each reportable segment, other segment items includes:

Life Insurance - bad debt, insurance expenses, professional service expenses, state insurance department fees, amortization of intangible assets, and certain overhead expenses.

Cemetery/Mortuary - bad debt, insurance expenses, professional service expenses, maintenance and utility expenses, property taxes, amortization of intangible assets, and certain overhead expenses.

Mortgage - bad debt, insurance expenses, professional service expenses, business license and registration fees, dues and subscriptions, amortization expense of mortgage servicing rights, and certain overhead expenses.

(3) For each reportable segment, intersegment expenses includes:

Life Insurance - mortgage servicing fees and interest expense.

Cemetery/Mortuary - rent expense, data processing and IT related expenses, and interest expense.

Mortgage - rent expense and interest expense.

SECURITY NATIONAL FINANCIAL CORPORATION

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

Years Ended December 31, 2024 and 2023

X

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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X

- References

No definition available.

+ Details

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